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On the news a couple of years ago, in BC, they said that if you are NOT an financial institution, it was illegal to charge interest on any money that you have lent out. This would fall under the Loan Shark Law.
Now I live in Alberta. And apparently it is ok in Alberta to charge interest if you are not a financial institution. Is this true? Would this law not be federal instead of provincial? And is it ok to charge interest if I am NOT a financial institution? And if it is ok, then would I not then be branded as a Loan Shark? Is that NOT the definition of a Loan Shark?
Now I live in Alberta. And apparently it is ok in Alberta to charge interest if you are not a financial institution. Is this true? Would this law not be federal instead of provincial? And is it ok to charge interest if I am NOT a financial institution? And if it is ok, then would I not then be branded as a Loan Shark? Is that NOT the definition of a Loan Shark?